Installment loans are short term loans that are perfect as small business loans, or to cover unexpected medical expenses, or financing a home remodeling project, or basically for any quick cash need. Installment loans are also commonly called personal loans. Installment loans are safer alternatives to the traditional cash advance. The outstanding feature of this is, instead of paying the entire loan amount along with interest and fees on the stipulated due date, installment loans allows you to customize your payment schedule. When there is a quick cash need, instead of getting sucked into a vortex of high interest rates and fees or credit card debt, consider the safer option of installment loan where you can make equal, manageable payments over a period of weeks or months, thereby easing the repayment load. Each repayment amount includes a portion of the principal amount and interest. Before choosing a lender, look out for the policies on loan repayment. Some well known financial institutions do not have any hidden charge or fees attached to their installment loans, and more importantly you pay interest only for the time you keep the loan. They also provide options for paying the loan back early without any penalty.